Page 2 - Oil Production

OPEC+ production cut ahead of winter puts India on a slippery slope

A higher than expected production cut by the group will add to the strain on government finances

Opec+ to cut crude oil output by 100k barrels per day from October

In a step that may increase prices in India, the group has decided to reduce output quotas for October, after a fall in global oil demand outlook.

Despite windfall tax, ONGC, Oil India's earnings look positive for FY23

With diverse revenue streams RIL is less impacted, while oil marketing companies have seen earnings downgrades amidst volatility in oil prices

India's shaky energy security and growing dependency on foreign fuels

New Delhi is yet to announce a comprehensive and detailed policy across the energy spectrum to tackle this very real threat to economic growth

Gulf won't significantly cut down oil exports to India to satisfy Europe

Gulf oil exporters will most likely not cut crude supplies to India significantly next year in a bid to satisfy growing demand from Europe

Windfall tax: Frequent changes create uncertainty for Indian oil producers

Experts say move is justified but government should clarify how proceeds will be utilised

Saudi to push OPEC+ to increase oil production at upcoming meeting: Report

Saudi King Salman bin Abdulaziz assured US President Joe Biden of the production increase when they met on July 16

Rosneft begins production drill at Vostok Oil project's Payakhskoye field

Rosneft has started production drilling at the Payakhskoye field on the Taimyr Peninsula. The Russian energy company plans to drill about 80 wells there by the end of this year

US oil giants Exxon, Chevron post blowout earnings, ramp up buybacks

High prices, margins lift majors to best quarters in history; Exxon earnings surpass previous record set in 2012

Edible oil prices will soften by Rs 15/litre in a few weeks: Industry

Decision arrived at today during a meeting between industry players & officials

Windfall tax to recoup most of Rs 1 trillion revenue lost in excise cuts

The windfall tax on oil produced within India and fuel exported overseas will make up for more than three-fourths of the revenue lost when it cut excise duty on fuel, industry sources said

Oil prices rise for 4th day on supply worries as US inventories down

Oil prices are increasing for the fourth consecutive day amid supply crisis amongst US inventories and fear on market recession

Ecuador could halt oil production in 48 hrs due to indigenous protests

Ecuador could suspend oil production in 48 hours if the nationwide indigenous protests and road blockades continue, the Ministry of Energy and Mines said

Joe Biden affirms human rights commitment as he warms to Saudis

Biden said he hasn't changed his views on human rights despite his admin's praise of Saudi Arabia which he'd pledged to make a pariah over its abuses for getting oil producers to step up production

US pump prices at record high as OPEC+ producers gather for meeting

The OPEC oil cartel and allied countries including major exporter Russia are weighing how much oil to produce as U.S. gasoline prices hit another record high. Thursday's meeting comes amid speculation that the 23-member alliance, known as OPEC+, may consider breaking from its cautious series of increases and agree to pump more oil starting in July amid fears that high energy prices could slow the global economy. Higher oil and gas prices have contributed to the inflation that is plaguing the U.S. and Europe and sapping consumer purchasing power. The group has been adding a steady 432,000 barrels per day each month, under a road map to gradually restore production cuts made during the depths of the pandemic recession in 2020. OPEC, whose de facto leader is Saudi Arabia, has thus far taken the stance that it can't supply more oil to make up for production lost due to sanctions against Russia. That, along with a European Union agreement to end most oil imports from Russia over its ...

India's petrol and diesel sales soar 56% in May on surge in summer travel

India's petrol and diesel sales soared in May on the back of a surge in summer travel to escape from the heat and vacation at educational institutions, preliminary industry data showed

Oil prices recoup early losses on China hopes, global supply fears

TOKYO (Reuters) -Oil prices rose on Thursday, recovering from early losses, on hopes that planned easing of restrictions in Shanghai could improve fuel demand while lingering concerns over tight global supplies outweighed fears of slower economic growth.

India ends FY22 with 2.6% drop in oil production

India's crude oil production fell 2.67 per cent in fiscal year ending March 31, as state-owned ONGC produced less than the target, but natural gas output rose helped by KG production by Reliance-BP

ONGC drills three gas wells using new MPD technology in Tripura

The new technology - Managed Pressure Drilling (MPD) proved to be beneficial in the state because conventional drilling could not be used in these geographical locations, said ONGC

Oil, gas production to continue even as climate protests continue in the UK

The United Kingdom will not stop oil and gas production in the country despite ongoing large-scale protests by environmental activists, says Energy Secretary